September saw a decline in the US equity markets, although some big cryptocurrencies escaped a severe crash. Ripple (XRP), one of the standout performers, increased by approximately 50% in September. Following the filing of petitions for summary judgement by both sides in the legal dispute between Ripple Labs and the US Securities and Exchange Commission (SEC), Ripple’s price shot up. After a brief dip, XRP has continued its upward trend, and bulls are working to get the price beyond $0.50 as of September 30th, 2022.
After US District Court Judge Analisa Torres disregarded the SEC’s opposition and authorized the publication of documents produced by the previous SEC corporation finance division director, William Hinman, investors applauded for Ripple in yet another little victory. The disclosure of the Hinman documents, in Ripple’s opinion, may be advantageous.
The lawsuit’s developments will continue to have an impact on the short-term price movement of XRP. Could XRP increase once again in October? To learn more, read the XRP price analysis.
XRP Analysis: Weekly Chart
Last week, the price of XRP broke over both the long-term downtrend line and the 20-week EMA. This was the first sign that the bears could be slipping.
Last week, the sellers attempted to bring the price back down under the 20-week EMA, but the bulls are investing on dips as seen by the candlestick’s extended tail. The 50-week SMA (simple moving average) will be the target of the XRP/USD pair’s surge. The surge may hit the psychologically important threshold of $1 if buyers manage to get beyond this level, which might function as a powerful barrier once more.
Relative strength index (RSI) readings close to the middle and a 20-week moving average (EMA) that is flattening indicate that selling pressure is lessening.
If the price takes a sudden swing downward and falls below the 20-week EMA, this bullish sentiment may be rendered meaningless. A move like that would imply that the most recent breakout could have been a bear trap. Then, the pair may fall to $0.30.
XRP Analysis: Daily Chart
The price of Ripple dropped to $0.48 to on October 1, suggesting that short-term traders may have taken profits following the sudden upswing.
The downturn paused around the 20-day EMA, which is a good indication. This shows that traders now perceive the dip like a buy signal and that attitude has changed to one of optimism.
In the $0.52 to $0.55 range, buyers can encounter significant resistance. The bears will seek to lower the value under the 20-day EMA if the price declines from this zone. If they are successful in doing so, the XRP may lose steam and fall as low as $0.41.
On the other hand, it will indicate the start of the uptrend if bulls drive the price above the overhead zone. The pair may increase first to $0.65 and then to $0.80.
XRP Price Today
Should you buy XRP in October 2022?
Although Ripple has just turned around, the bears are not likely to let up just yet. In the $0.52 to $0.55 range, they will try to halt the comeback. According to Ripple’s price research, there may be a few days of range-bound trading if the price drops from this area. On the other hand, if bulls succeed in clearing the overhead barrier, the pair may rise to $0.65.
Can XRP touch 1USD this month?
XRP is currently trading at 0.47USD and there is a possibility of XRP touch 1USD if XRP wins the lawsuit against SEC. Will that happen this month? We will have to wait and see.
Before you go, I highly recommend you to watch this interesting video on XRP vs SEC case.
Here’s a youtube video of Ripple’s CEO Brad Garlinghouse on XRP vs SEC
https://www.youtube.com/watch?v=tg9marS2rYk
Related articles:
- Ripple (XRP) Price Prediction 2023-2025
- DeFiChain (DFI Token) Gets Listed on Gate.io
- Best Crypto Wallets in India
Disclaimer:
Since the information on this page does not represent investment advice, financial advice, trading advice, or any other sort of advice, you shouldn’t take any of the article’s content as advise of any type. This page advises against buying, selling, or holding any cryptocurrencies. Consult a financial expert and conduct your own research before making any investment decisions.
